What study includes recently sold properties and current competing listings to evaluate market conditions?

The correct answer is the comparative market analysis (CMA), which is a crucial tool in real estate for determining the value of a property. A CMA involves collecting data on recently sold properties that are similar to the subject property, as well as current listings that are on the market. This analysis helps real estate professionals assess the local market conditions by comparing factors such as location, size, condition, and features of the properties.

Using a CMA allows agents to understand pricing trends and establish an appropriate listing price for a property or help potential buyers make informed offers. This analysis also takes into account expired listings to gauge market attitudes toward certain properties, thereby providing a comprehensive view of the market.

In contrast, market analysis broadly refers to evaluating market conditions but might not focus specifically on real estate properties. Investment appraisal typically involves assessing the potential financial return of a specific investment, while sales comparison focuses primarily on evaluating a property by comparing it to similar properties that have sold. These terms may overlap with aspects of a CMA, but they do not encapsulate the specific purpose and method of evaluating market conditions through recently sold and competing listings in the same manner.